Page 18 - Means Wealth 2020/2021 Perspectives
P. 18

RETIREMENT CONTRIBUTION LIMITS



         Plan Type                         2020                      2021

         Traditional and Roth IRA Contribution    $6,000             $6,000
         Catch-up for individuals 50 & over       $1,000             $1,000
         Deadline                           April 15, 2021     April 15, 2022


         401(k), 403(b) and 457 Contribution     $19,500            $19,500
         Catch-up for individuals 50 & over       $6,500             $6,500
         Deadline                       December 31, 2020  December 31, 2021

         SIMPLE IRA Contribution                 $13,500            $13,500
         Catch-up for individuals 50 & over       $3,000             $3,000
         Deadline                       December 31, 2020  December 31, 2021


         SEP IRA                              25% of pay         25% of pay
         (no more than $280,000 of   (20% for Self-employed)  (20% for Self-employed)
         compensation may be taken          up to $57,000      up to $58,000
         into account)
         Deadline                           April 15, 2021     April 15, 2022

































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